Meanwhile, despite the fact that all of Germany's immediate
neighbors are weak, the country benefits by being a global export
powerhouse, and here there is again a shift in its advantage, as
there are signs of global trade picking back up (being seen
everywhere from China to Korea to Brazil). Here's a key chart
from SocGen:

SocGen

So just when it looked like Germany might get sucked into the
vortex... here they come again.